Why Vietnam is rated one of top 10 emerging markets in the global data center market?
Data centers are the foundation of the digital world. Without them, there would be limited growth capacity in Cloud computing, IoT, 5G, Big Data, and AI. As the sheer amount of data generated grows exponentially, so does the need for innovation in data center technology.
Vietnam in the top 10 emerging markets for global data centers with impressive growth, international standard service delivery capacity, and a large number of organizations and enterprises, research firm ResearchAndMarkets has said.
According to the ResearchAndMarkets, Vietnamese data centre market stood at 858 million USD last year and is forecast to grow at a compounded annual growth rate of over 14.64 percent until 2026. The growth in the Vietnamese data centre market was driven by government projects and initiatives.
Related: How to setup an information technology business in Vietnam as foreign investor
Data protection is a matter of global concern and is becoming an important issue on the agenda of the Vietnamese Government.
The data localization requirement under the Cybersecurity Law, plus the need for better processing speeds to assist Vietnamese users are the main drivers, which are anticipated to significantly enhance the demand for data centers in the country.
The Vietnamese Government’s inclination toward digitization has further bolstered the demand for data centers across the country.
Furthermore, the Vietnamese data centre market is driven by the shifting of enterprise data to cloud platforms. This has led to an increase in the adoption of data storage solutions, which in turn is expected to positively influence the growth of the market. Additionally, growing adoption of big data solutions, IoT and cloud-based solutions among others, is expected to propel market growth through 2026.
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